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Auto Insurance Prices Have Gone Nuts
Wednesday April 10, 2024. 10:40 PM , from Slashdot
Why? That's where things get complicated. In a prophylactic press release released Wednesday morning, an insurance industry trade group cited 'greatly increased the cost of repairing and replacing cars' due to inflation. As anyone who has shopped for a new or used car over the last couple years can tell you, costs have gone up. That goes for the costs of replacing minor parts like bumpers or mirrors as well. Insurers lost a lot of money on those replacement costs in 2021 and 2022, and are now trying to make that money back by raising rates a lot. Then there's also the the objectively atrocious driving record of Americans. Even before the pandemic, Americans were awful drivers compared to other high income countries, with auto death rates the highest among peer nations. High accident rates are reflected in higher costs of insurance. And of course there's also the old-fashioned profit motive. Insurers are trying to make money and raising rates is the way to do it. Read more of this story at Slashdot.
https://news.slashdot.org/story/24/04/10/1942254/auto-insurance-prices-have-gone-nuts?utm_source=rss...
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